Annual general meeting duties
Do small PTs really need an annual GMS?
The situation
Yes. Directors must give the annual report to the GMS within 6 months after the financial year ends.
The law
- Art 66 to 68, Law 40/2007 on Limited Liability Companies (UUPT), as amended by Law 6/2023: Directors give the annual report to the GMS within 6 months of year end; an audit by a public accountant is required for public fund companies, debt issuers, public companies, state companies and companies with assets or turnover of at least IDR 50 billion
What it means for you
The annual GMS approves the accounts and the annual report. In a small PT it can be done by circular resolution signed by all shareholders. Keep minutes, as banks and auditors ask for them.
What to do
- Prepare the annual report and accounts.
- Hold the GMS or sign a circular resolution.
- Keep minutes.
- File any changes needed with a notary.
Missing GMS records cause trouble at funding or sale time.
We can do this for youSetting up a local PT (PT PMDN): deed, Ministry of Law approval, NIB and NPWP: IDR 9.500.000